Building on the successful program of tax-lien securitizations it pioneered, New York City is gearing up for another innovative debt sale with the first tax lien resecuritization, according to Adam Barsky, director of the city's office of operations.

Barsky said the bonds will likely be offered in August. The city is working with Morgan Stanley Dean Witter on structuring the offering, which should come in at about $50 million.

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